Is any of this tax deductible?
2007-02-14 10:06:10 · 9 answers · asked by t_williams_1 1 in Business & Finance ➔ Taxes ➔ United States
No Federal Taxes, penalties and interest are not deductible
on the Federal Tax return
2007-02-14 10:13:23 · answer #1 · answered by Anonymous · 3⤊ 1⤋
Federal taxes are not deductible, whether they're paid on time or not.
If this was a State tax debt, the taxes paid are deductible if you itemize your deductions. Any penalties and interest are not deductible.
2007-02-14 11:26:02 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Assuming you are talking about Federal personal income tax (IRS Form 1040), no deduction for any of it. Federal tax is never a deduction, penalties are never deductible because it is a charge for breaking the law, and the interest would not be deductible because it is "personal" interest, which lost status as a deduction many years ago.
If it was state or local personal income tax, the tax portion would be a deduction on your federal return in the year paid, but the penalties and interest would not.
2007-02-14 10:22:10 · answer #3 · answered by Joseph K 1 · 1⤊ 2⤋
No it isn't if it was federal taxes. If it was state or local, then if you itemize the part that was the actual taxes (NOT the interest or penalties) can be deducted.
2007-02-14 10:50:29 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
you can list any state taxes paid on Schedule A and deduct on your federal return.
federal taxes paid, interest, and penalties are not deductible.
2007-02-14 10:13:39 · answer #5 · answered by tma 6 · 1⤊ 2⤋
You can't deduct fed taxes,penalties, interest on fed tax - no. Would make no sense.
2007-02-14 10:10:59 · answer #6 · answered by vegas_iwish 5 · 0⤊ 0⤋
You will need a 1040 or a 1040A and Schedule A form. You cam on claim state payments that you owe and not interest. You can not claim a deduction for anything paid to the IRS.
2007-02-14 10:16:31 · answer #7 · answered by Anonymous · 0⤊ 3⤋
You can get a credit against your federal taxes for payment of states taxes, but you cannot get a credit for federal taxes against federal taxes. If that was the case, nobody would ever owe any taxes.
2007-02-14 10:11:53 · answer #8 · answered by Brian G 6 · 0⤊ 4⤋
HAH! You wish. Don't expect them to reward you for being a deadbeat.
2007-02-14 10:10:26 · answer #9 · answered by Anonymous · 0⤊ 4⤋